(310 ILCS 45/5) (from Ch. 67 1/2, par. 805)
Sec. 5.
There is hereby created the Mortgage Insurance Fund.
The
Agency shall have custody of the Mortgage Insurance Fund, which shall be
held outside of the State Treasury; custody may be transferred by the
Agency to and held by any bank, trust company or other fiduciary with whom
the Agency executes an agreement. The Agency shall be responsible for the
investment and safekeeping of all monies and securities held in the
Mortgage Insurance Fund. The Mortgage Insurance Fund, or any portion
thereof against which a claim has been made, shall be held for the benefit
of the qualified lending institutions of the qualified mortgages insured under this Act.
There shall be deposited in the Mortgage Insurance Fund such amounts,
including, but not limited to:
(a) All premiums and other receipts from any applicable contract or
agreement entered into by the Agency pursuant to Section 6; and
(b) Any other monies made available to the Mortgage Insurance Fund.
Amounts in the Mortgage Insurance Fund shall be used in accordance with
this Act to satisfy any valid claim payable therefrom and may be used for
any other purpose determined by the Agency to be appropriate, including the
payment of administration costs incurred in the management of the Mortgage Insurance Fund.
Any amounts in the Mortgage Insurance Fund not currently needed to meet
the obligations of the Mortgage Insurance Fund may be invested as provided
by law in obligations designated by the Agency, and all income from such
investments shall therefore become a part of the Mortgage Insurance Fund.
(Source: P.A. 83-1392.)
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